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Credit Card Debt

Paying only the minimum on credit card debt can stretch repayment across 5+ years and multiply total interest. This tool shows how long minimum payments take, the interest cost, and how much faster you'd be debt-free by paying even a little extra each month.

Inputs

Taiwan credit-card revolving rates run 6–15% (legal cap 15%).

Typically 5–10% of new charges.

Commonly around 1,000 depending on the issuer.

Fixed amount added on top of the minimum each month to see how much faster the debt clears.

Results
Minimum payment only
3 yr
Cumulative interest NT$13,425
First payment ~NT$10,125; total paid NT$113,425.

Method: each month the balance accrues monthly interest, then the minimum payment (or fixed extra payment) is deducted. Paying only the minimum means principal drops slowly and most of each payment goes to interest. Credit-card revolving interest is the most expensive consumer debt; pay in full whenever possible.

Taiwan's legal maximum credit card revolving interest rate is 15%. Personal loans typically run 7–10%. Car loans 3–5%. Mortgages 2%. Always pay off higher-rate debt first.

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